Emaar Misr signs EGP 14 bn in construction contracts for Marassi Red Sea

Emaar Misr handed EGP 14 bn in construction contracts to Rowad Modern Engineering and Innovo Group to build residential units under the first phase of its Marassi Red Sea project, according to a press release (pdf). Rowad will build 675 villas and townhouses across roughly 150k sqm in the Infinity Beach zone, while Innovo will take on around 220 villas across roughly 100k sqm for Island Living. The units in this first phase are set for handover in 2029.

What the first phase looks like: The two villa packages join an earlier EGP 5.7 bn contract (pdf) that Emaar already awarded to Arabian Construction Company for 32 residential buildings (750 units) around the project’s marina. That brings the tally of signed contracts for the first phase to around EGP 20 bn so far.

The project behind the numbers: Marassi Red Sea is a 2.4k-feddan integrated resort on the Red Sea coast, about 30 minutes from Hurghada International Airport. Emaar Misr and Saudi-owned Citystars Properties (via its Golden Coast affiliate) signed the EGP 900 bn development agreement in September 2025. The masterplan (pdf) calls for 12 luxury hotels, three marinas, 500-plus retail and dining outlets, swimmable lagoons, and the Marassi Wonders entertainment zone. Phase 1 sales have already topped EGP 80 bn, according to Chairman Mohamed Alabbar, and Phase 2 is now on the market.

Four years, zero revenue

Banque Misr is moving to liquidate its Misr for Sukuk subsidiary after the company failed to generate any revenue since its incorporation in late 2022, with the central bank’s July 2026 directive requiring banks to secure prior approval before participating in sukuk issuances compounding the challenges, Asharq Business reports, citing two unnamed sources. The company is expected to put the liquidation proposal before its general assembly this month, then work through the regulatory steps.

About the company: Misr Sukuk was set up with EGP 10 mn in capital, with 80% owned by Banque Misr and the rest split evenly between Nasser Social Bank and the National Investment Bank. The Financial Regulatory Authority greenlit the company in March 2023, licensing it to issue sukuk.

IN CONTEXT- Banks are facing tighter guardrails around sukuk since July, when the central bank told lenders they need its approval before taking part in any sukuk issuances — part of a broader push to rein in bank exposure to non-bank financiers. Those restrictions made it even harder for Misr for Sukuk to operate, one of the sources said.

Impact capital incoming

Germany-based impact investor Finance in Motion wants to add some USD 30-50 mn to its Egypt book by year-end, Regional Director Mohamed Morsy tells Al Borsa, taking the firm’s 2026 disbursements in the country to USD 50-70 mn. The money will come through two vehicles it advises: Sanad, which provides capital to financial institutions for small-business on-lending, and the Green for Growth Fund, which finances clean energy and efficiency projects, Morsy says.

Three non-bank lenders are already under review — one in consumer finance, one in SME lending, and one in microfinance — after the firm backed Beltone Leasing and Factoring and Tasheel last year. Finance in Motion has also been lending directly to corporates rather than through intermediaries — which have historically made up some 90% of its book — since 2024, when Sanad put USD 4.5 mn into crop trader Capital Agro in its first direct transaction here.

A family car from the van maker

General Misr — Chinese automaker Shineray’s exclusive agent in Egypt — plans to begin local assembly of the SWM G03F family car in 1Q 2027, Al Mal reports. Assembly will take place at Advanced Transportation Group’s (ATG) plants in the 10th of Ramadan Industrial Zone, where General Misr currently builds Shineray vans, with a dedicated 40k sqm factory planned for the same zone. The move expands General Misr beyond the Shineray X30 van, X30 Cargo, and T-Series pickup — its current lineup — into the passenger car segment.

IN CONTEXT- General Misr said in November 2025 it would import the G03F and a second SWM model — the G05 — through mid-2026 before shifting one to local assembly in 2H 2026. The timeline looks like it has slipped to 1Q 2027. The company said it moved roughly 2k Shineray vans in 2025 and is targeting 3.5k units in 2026, with a USD 20 mn investment behind a planned capacity of 5k vehicles a year. It’s also studying joining Egypt’s Automotive Industry Development Program (AIDP) (min. 10k units/year required) and plans to export to Africa.

Why it matters: This is Shineray’s first passenger car push in Egypt and will face intense competition from other Chinese manufacturers here — BYD, MG, Chery, Changan, and Geely — which already assemble locally and captured 37-38% of Egypt’s passenger car market in 2025. If General Misr prices the G03F competitively and hits its AIDP production targets, Egypt could become Shineray’s African export hub. The Chinese parent is planning four African assembly plants.

Fawry goes clinical

Fawry-DMS integration incoming: Fawry partnered with DMS, a software provider for healthcare, financial, and industrial companies, to integrate Fawry Business POS terminals directly into DMS’ medical management systems, according to a press release (pdf). Under the integration, a transaction entered at a hospital cashier’s screen sends the amount straight to Fawry, and once payment clears, the status updates automatically back in DMS’ system, cutting out manual re-entry between the two.

REMEMBER- Fawry was already in the healthcare game. In May, Fawry Healthcare-TreMed became the market’s first third-party healthcare administrator, which is an operational middleman between patients, healthcare providers, and ins. companies — managing claim processing, provider networks, and ins. paperwork.

More on our radar

• Gold trading platform iSagha is launching Khazna, a new product enabling consumers to buy gold and silver in amounts as small as 1 mg, with zero manufacturing fees and the option to cashout into bank accounts or request physical bullion delivery. (Hapi)